Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 220,000 $ 269,000 ? $ 152,000 $ 375,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year $ 59,000 ? $ 39,000 End of Year $ 35,000 $ 29,000 ? The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $670,000; and the net operating income was $32,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Beginning raw materials inventory $ 59,000 Add: Purchases of raw materials 269,000 Total raw materials available 328,000 35,000 Less: Ending raw materials inventory Raw materials used in production $ 293,000 Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory Less: Ending work in process inventory Cost of goods manufactured